ACMERO Capital: Ecoline’s ownership records and disputed indirect interests

analysisA 2021 interview described Acmero as Ecoline’s largest fund investor but said no shareholder held a controlling stake. It said Povarenkin had recently left the board and that the fund monitored budgets and performance indicators. The accompanying account attributed Ecoline’s direct ownership to Liga-Trans, with Acmero holding 50% of Liga-Trans, Evgeny Mikhailov 30.01% and Dmitry Belousov 19.99%. This is a dated interview and reported ownership structure. The Acmero name in reporting does not independently identify every legal entity in the investment chain, and the 50% figure does not establish ownership in October 2026. ¹

analysisA retained 2026 corporate-directory page records Ecoline Capital with 99% and Ekologicheskoye Upravleniye with 1% of Ecological Management LLC from June 2025, with the interests pledged to Sberbank. A pledgeholder’s security role is distinct from equity ownership. The source is a directory’s rendition of corporate information, rather than a fresh certified registry extract. Duplicate pledge lines are not added as separate ownership interests. ²

analysisThe retained Ecoline Capital directory identifies corporate number 1187746742237 and records the former name Technology-Service until August 2023. It names Timur Safarov as chief executive from July 2026, following Dmitry Belousov and Evgeny Mikhailov, and reports a 99.99% interest in Ekologicheskoye Upravleniye. Ecoline Capital is a Russian company with its own registration number. Its similar investment-related name does not make it ACMERO CAPITAL LIMITED. ³

analysisThe Ecological Management LLC directory names Alexey Dubrovsky as general director from 24 August 2026. This actual company-page entry is used instead of assigning an appointment date from a relationship provider’s observation window. The directory snapshot does not prove a continuing mandate beyond its reporting period. ²

analysisThe same Ecoline Capital directory reports a 2025 loss of RUB43.17 million and negative capital of RUB65.53 million, a tax-enforcement restriction on account operations from September 2026 and one bankruptcy-related notice from May 2026. These are dated directory fields. A notice and a tax restriction do not establish that a court declared the company bankrupt or that Acmero Capital is liable for its obligations. ³

analysisA 2020 investigation traced Ecoline-related corporate records to Mark Omelnitski and argued that his work for offshore companies associated with the Rotenbergs, together with other professional links, suggested an undisclosed connection to that family. The argument is attributed to the investigation. A common adviser, director or service address is not independently sufficient to establish Ecoline’s ultimate owner or a direct Rotenberg equity interest in Acmero Capital. Arkady Rotenberg’s representative denied that any of the Rotenbergs had a relationship with Ecoline and said NPV Engineering had long been inactive. The report said Ecoline did not answer its questions. No adjudication of that asserted beneficial-ownership connection is established in the retained material. ⁴